Behind the Balance Sheet

Hedge fund giant John Armitage shares his investing journey, discusses portfolio strategy, and gives advice to aspiring professionals. Nicolai Tangen praises John's expertise. Topics include Elon Musk, AI, geopolitics, and career choices. Insightful discussions on alpha theory, stock analysis challenges, and the impact of generative AI on online advertising. Exploring fund liquidity benefits and navigating high valuation investments. Valuable advice for young professionals entering the workforce.

Investor John Huber shares his investing principles, including capital allocation, revenue growth, and his focus on North American stocks. He discusses why he likes Alphabet and why Floor & Décor is a major position. The chat covers strategic investing inspired by Warren Buffett, company culture's role in Google's success, quick conviction investments, and insights on stock research. It also explores the potential impact of automated vehicles on the stock market and the importance of maintaining a diversified portfolio. Plus, a look at the similarities between running and investing, along with book recommendations.

Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG. In our podcast episode, Huw van Steenis and I discussed: How you can combine sustainability with the pursuit of returns The difference between the US and Europe when it comes to the energy transition How the fund takes action to divest and exclude companies on climate, enviromental and even tax grounds How NBIM conduct their reviews Issues with ESG ratings and how they can be improved Why companies pushing back targets paradoxically may be a sign of progress Carine is uniquely placed to comment on the energy transition and all things relating to governance and this was a fascinating conversation. Show Notes

Chris Mayer, founder of Woodlock House Family Capital, shares insights on finding 100 Baggers stocks, focusing on long-term investing principles, respect for family businesses, and corporate culture. He emphasizes quality over quantity, owning just 11 stocks. This episode delves into his rejection of short-term focus from investors and the power of continuous writing in decision-making.

Lawrence Cunningham, an author and legal expert, details his interactions with Warren Buffett and the meticulous process of analyzing and organizing Buffett's letters. He shares insights on CEO and investor letters, the collaborative book creation process, and the potential changes in Berkshire Hathaway's board structure. Cunningham's deep dive into the artistry of finance and unique talents adds an intriguing perspective to the discussion.

Guest Peter Cowley, a successful angel investor with tragic personal losses, shares his journey through overcoming terminal cancer and reflections on mortality. The podcast delves into coping mechanisms, emotional awareness, investment reflections, and hiking adventures, showcasing resilience and optimism in the face of adversity.

Climate skeptic Barry Norris, founder of Argonaut Capital, discusses why offshore wind economics are unsustainable. He compares wind and solar energy to unreliable workers, advocating for nuclear and fossil fuels. Norris shares insights on shorting Orsted and questions the sustainability of government targets for offshore wind capacity.

Jonathan Ruffer, a successful investor and financial historian, predicts the Yen could double and discusses why the equities age is over. He shares insights on inflation, challenges in the investment landscape, and the evolving investment approaches. The episode also features a unique interview where Jonathan asks a difficult question.

Emmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastructure-like renewables area. This middle area is not really served today and he explains where they see the greatest investment opportunities, why decarbonisation is a good business, and why he is not concerned about political risk. This is a fascinating glimpse into the future and how climate change can be funded. Thanks to co-host climate finance expert Huw van Steenis. Show notes

Explaining what to expect from a new series of podcasts focusing on the investment opportunities (and risks) in the energy transition. With co-host, climate finance expert Huw van Steenis. Sign up for the newsletter.